Thanks BNB you posted whilst I was posting. good to see a sound money management system going on. I have been reading that once a trader starts winning the Dealer starts to take out stops etc have you experienced this.
A poster else where has suggested to have a plug in that submits the target and stops from your desk top and put targets and stops into MT4 in the mean time out of reach just to confuse the broker and cancel obviously when your entries go in.
Not sure if this is paranoia if if stop hunts actually really do occur
Hi Wayne, Lucca and BMB,
Thank you all for your help and points of view - these things have clarified quite a lot for me. I am not sure I am ready to trade 0.1 per $1000 of a/c yet, but probably 0.1 per $2000 to begin with. Having said that, I am certain this method can pay its way, despite an occasional setback - eg BMB's poor week 18th to 22nd January.
I am still not convinced that stop hunting by brokers is only paranoia. It is a simple matter to widen spread when price is near Pivot points, or Fibo levels, or .0000 and .0050 levels in price. So I think you are correct Wayne, to be wary of such things.
We should not be too concerned by this though. We have such a good method here, that if price begins to run against us too early, there should be no hesitation in getting out with minimum loss, instead of waiting for a stop to be hit. It should be a matter of just waiting for the next opportunity, rather than a matter of disappointment in a trade that failed to go on with its move.
I have mentioned before that one of the earliest skills we can pick up, is HOW TO TAKE A LOSS. Having a good/robust method like ProFx, should make us even more keen to scrub trades that are not making pips. It's not the end of the world, and in my view, is excellent risk management.
At the end of the day, the parameters that gave us the setup are either clear and good, or they are waffly and vague.
You already know what to do with the latter kind.
I have heard some traders of ProFx mention that they pay no attention whatsoever to the 4H trend, but, like BMB, take each 30M setup on its merits. There are plus and minus arguments on this. It might depend where in the trend the price is, and how strong the 4H trend is.
If the 4H is ranging, then I would disregard it. But if it is decisive and strong, I think this will be reflected in the 30M trend anyway. Price has to "breathe" and so there are going to be good pull-back trades counter-trend, but I think we would rarely find these producing the 100+ pip runs. Perhaps it would be best to accept shorter targets in counter-trend trading.
Just a view.
Thanks to all for great input.
Kind regards
Ivan (Currently at work for next 5 hours)
